Taking Stock: Market fails to cheer GST reforms; Sensex, Nifty off day’s high

Stock Market Today

The Indian equity market extended the gains on second day with Nifty finishing above 24,700 led by auto, FMCG and consumption-oriented stocks post Goods and Services Tax (GST) Council announced rate rationalisation.

On Wednesday, the GST Council agreed to cut GST slabs to two, 5% and 18%, effectively September 22, eliminating the existing 12% and 28% slabs.

On the back of positive global cues and GST reforms, the market opened on strong note but as the day progress indices witnessed profit booking but manages to close in the positive territory.

At close, the Sensex was up 150.30 or 0.19 percent at 80,718.01 and the Nifty was up 19.25 points or 0.08 percent at 24,734.30. BSE Midcap and smallcap indices shed 0.6 percent each.

Also Read: New GST rates: Here's what will get cheaper; see full list of items

M&M, Bajaj Finance, Bajaj Finserv, Apollo Hospitals, Nestle are among top gainers on the Nifty, while losers are HDFC Life, Tata Consumer, Wipro, Bharat Electronics, IndusInd Bank.

Among sectors, auto index up nearly 1 percent, FCMG index up 0.3 percent, while IT, media, metal, oil & gas, realty, power, PSU Bank down 0.5-1 percent.

Also Read: Goldman Sachs sees gold testing $5,000 if Fed's independence is 'damaged'

Index	Prices	Change	Change%
Sensex	82,172.10	398.44	+0.49%
Nifty 50	25,181.80	135.65	+0.54%
Nifty Bank	56,192.05	173.80	+0.31%

Nifty 50 25,181.80 135.65 (0.54%)

Thu, Oct 09, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
JSW Steel	1,175.20	30.00	+2.62%

Biggest Loser	Prices	Change	Change%
Axis Bank	1,167.40	-13.20	-1.12%

Best Sector	Prices	Change	Change%
Nifty Metal	10356.20	219.70	+2.17%

Worst Sector	Prices	Change	Change%
Nifty Auto	26587.00	64.60	+0.24%

In stock-specific action, Britannia, Bata India, Mahindra & Mahindra, Eicher Motors, TVS Motor climbed between 1 and 6 percent following sweeping GST tax cuts. Bikaji, Prataap Snacks shares jump up to 3% on GST cut from 12 percent to 5 percent. Delta Corp shares plunged 8% on increasing the tax from 28 percent to 40 percent.

Nearly 140 stocks touched their 52-week highs on the BSE, including M&M, Zydus Wellness, Maharashtra Scooters, Muthoot Finance, Nuvoco Vistas, Cummins India, Eicher Motors, Nykaa, TVS Motor, Lemon Tree Hotels, Marico, L&T Finance, Dalmia Bharat, MRF, UltraTech Cement, India Cements, Maruti Suzuki, Paytm, among others. Click to View More

Outlook for September 5

Ajit Mishra – SVP, Research, Religare Broking

Markets witnessed a volatile session and ended marginally higher, supported by sweeping GST reforms that signaled a structural tax overhaul. The Nifty opened on a strong note, led by sharp gains in auto and consumer staples, but profit-taking and weakness in select heavyweights dragged the index lower as the day progressed. Eventually, it closed with modest gains at 24,734.30. Sector-wise, auto, financials, and FMCG led the advance, while IT, energy, and realty were the notable laggards. The broader indices, however, underperformed after the recent upmove, losing over half a percent each.

The GST 2.0 reforms strengthen the case for a consumption-led recovery, with auto and consumer staples expected to benefit the most. Select metals and infrastructure names linked to rural stimulus also remain in focus. That said, the broader outlook stays vulnerable to global macro uncertainties, continued FII outflows, and persistent U.S. tariff headwinds. In the near term, consolidation in the benchmark index cannot be ruled out. Hence, we recommend maintaining selective exposure to structurally strong themes while keeping a close eye on the risk–reward equation.

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty pared most of its gains after a gap-up start driven by optimism over GST reforms. The daily close was just below the 21 EMA, indicating a continuation of weakness, although the index appears to be nearing a potential trend reversal.

A decisive move above 24,750 could provide the strength needed for the Nifty to move towards 25,000. A sustained move above 25,000 could trigger a further rally.

On the other hand, failure to close above 24,750 within the next two to three days may lead to renewed selling pressure on the index.

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